The World Has Essentially Become Smaller Because of

question 52

Multiple Choice

The world has essentially become smaller because of

• A)improved technology.
• B)trade agreements.
• C)better communications systems.
• D)all of the above.

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Definitions:

Total Job Cost

The cumulative costs of materials, labor, and overhead assigned to a specific job or project.

Machine-Hours

A measure of the amount of time machines are operating during the production process, often used for allocating costs.

Predetermined Overhead Rate

A calculated rate used to assign anticipated overhead costs to specific activities or products, based on a selected activity base such as labor hours or machine hours.

Job-Order Costing

An accounting method that assigns costs to specific production batches or jobs, used in situations where goods or services are distinctive.